Yep, I think you're right, Joel, thanks. It's definitely driver's side and there is a slight rattling sound inside the rotor that makes me think something came loose. I had both rears jacked up just now and I did some experimenting. There never seems to be too much drag when rotating the wheel forward, but there is definitely more drag rotating it backward. And after having applied the P-brake and releasing it, and then trying to roll the wheel backward is when I get the LOUD squeal. If I rotate it forward a bunch first, the drag and squeal lessen, but don't go away. If I get the squeal tomorrow backing out of the driveway I'll go forward a few times and see if it gets better. So does this sound like it's just not releasing properly on that wheel? Is it normal for it to act as if it's not releasing for backward rotation, but not forward?
So hopefully I can just get that rotor off and reattach something??? I'm not going to mess with shoes, they are obviously OK since they can hold the car on a pretty steep grade (e.g. my driveway).
Oh, and you're also right on about the adjustment of the center equalizer - with the P-brake off there is just a tiny bit of tension, I doubt there is even close enough to cause the drag and squeal I'm getting .
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1976 Silver/Firethorn. L48, 4spd. Original 2 bolt, vortec heads, 9.4:1 CR, Speed Pro Cam: 224/224@0.050, 112 LSA, Eagle Steel Crank.